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Category: Making Tax Digital

Are you still a little fuzzy when it comes to Making Tax Digital– what’s it all about and does it affect your business? Fear not, as we’ve condensed all our MTD posts from the last two years into one Making Tax Digital Timeline. If you just want to know where things are up to presently then skip to...

The way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package. The good news is we are certified in the installation and operation of Online Accounting software. Its is digitally compliant and specifically designed for small and medium...

As Making Tax Digital draws ever closer you may have noticed an increase in our references to XERO; cloud accounting software that is compatible with MTD. Aside from the fact that the implementation of this kind of software will be mandatory, switching to XERO can offer you business a vast array of benefits including the ability...

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway. There will however be a one year “grace”...

We are very pleased to announce that we have now received Silver Status as a Xero Partner! Rawcliffe & Co has been a Xero Partner for some time now and an increasing number of our clients are reaping the benefits of signing up to Cloud Accounting Software. So what are the benefits? You can manage...

At Rawcliffe & Co we are always looking for ways to make our clients’ lives easier. Our latest initiative is Receipt Bank, the award­-winning app that automatically converts all your invoices and receipts into data, making it easy for you send your financial information straight to us. With Receipt Bank’s easy submission methods you’ll never...

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. The HMRC statement notes...

In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally What does this mean? By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their...

Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally. On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with the HMRC computer in order to comply with MTD...

Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quarterly VAT reporting, using the new system will be mandatory from 2019. Surely, we are doing that already you might say. However, currently businesses are only required to complete...